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The governor of the Bank of Albania, Gent Sejko, announced today that the decision was made to increase the interest rate by 0.5 percentage points.
“The performance of the economy in the following period remains subject to serious challenges. The increase in prices in world markets, the expected slowdown of the economy in the Eurozone, will have an adverse impact on inflation and economic growth in the country. The economy will continue to grow solidly in the medium term. The pace will slow down in the first three months, but it will maintain the balance of Albanian businesses and families. On the other hand, inflation will continue to remain high. The rate will peak in the 3rd month of the 3rd and will fall in the following 3 months. The Supervisory Council increased the interest rate by 0.5 percentage points. This will create suitable conditions for the return of inflation to normalization“, Sejko said at the press conference.
He added that in the third quarter of this year, inflation is expected to increase to the maximum level.
“Inflation, we expect that the maximum level of inflation will be reached, in the third quarter we will be at the maximum level. We are waiting for the updated figure for the month of June, it remains to be seen. The figures are surprising in this period that economies are facing successive crises“, said Sejko.
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